It’s official! The recent “fiscal cliff” legislation means MI premiums are tax deductible for premiums paid on home mortgages through December 31, 2013, retroactive for 2012 (deductibility was previously allowed to expire on December 31, 2011).
This means there’s no interruption in MI tax deductibility through December 31, 2013. With tax deductibility renewed for MI, there’s never been a better time to take a closer look at mortgage insurance. MI tax deductibility is one more reason to choose traditional options for housing finance. Not only is MI tax deductible, it can also be cancelled when it meets investor conditions.